2022 (9) TMI 924

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....1), date of order 29.11.2021, the order passed u/s 250(6) of the Income Tax Act 1961, [in brevity the Act] for A.Y.2017- 18. The impugned order was originated from the order of the ld. Income Tax Officer, Ward-5(4), Amritsar (in brevity the AO), order passed u/s 143(3) of the Act date of order 16.12.2019. 2. Brief fact of the case is that the assessee had deposited cash amount of Rs.16,30,000/- in bank account during the demonetisation period. As per the claim of the assessee Rs 30,000/- was deposited before the demonetisation period & rest amount, Rs 16,00,000/- was deposited during the time of demonetisation. Assessee submitted that the amount which was deposited during the demonetisation period was withdrawn 70 days ago from same bank....

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.... through online on 26.08.2019. Accordingly online hearing in this case was fixed for 27.09.2019 vide this office notice under section 142(1) no. ITBA/AST/F/142(1)/2019- 20/1018063076(1) along with annexure dated 18.09.2019 calling for information and documents. In compliance to said notice, the assessee replied through online that she deposited cash during demonetization period from the withdrawal made by her form HDFC saving account from Chheharta branch as detailed below: Sr. No. Date of withdrawal Amount of withdrawal 1. 30.08.2016 Cheque No.6 Rs.15,00,000/- 2. 30.08.2016 Cheque No.7 Rs.15,00,000/-   Total Rs.30,00,000/- 5.2 Mr. Kapoorargued that the assessee had the income from house property ....

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....ity. The extract of the judgments are as follows: 1. ShivcharanDass vs. CIT 126 ITR 263 [1980] (Punj. & Har.) "Income from undisclosed sources-Unexplained investment- Amount disclosed by HUF under Voluntary Disclosure Scheme- Thereafter kept lying in assessee's house with his wife till her death- ITO questioning its source after the same had subsequently been deposited with a bank in the names of assessee's then major daughters-In the absence of any evidence to the effect that the said sum was utilized by the assessee in any other manner, the Department was not justified in unreasonably rejecting a good explanation and adding the amount as income from undisclosed sources-Further, the addition, if at all possible, c....

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.... the examination of documents filed by the assessee and after the perusal of ITR-2(which is meant for Individual and HUF which are carrying any business Income) filed by the assessee which clearly indicates that the assessee never shown any income from business or profession. Therefore, the claim of the 77.5-year-old lady assessee that she withdrawn heavy amount of cash amounting Rs. 30,00,000/- for investing/running business and the same money was deposited after the gap of seven months carries no weight. I find that due to compulsion of demonetization, the money from undisclosed sources of income was deposited in the bank in order to exchange the old currency into new currency. From the perusal of Income Tax Return filed by the assessee, ....